(1) Any local government, the county or independent school district within the county, and the Commonwealth of Kentucky may enter into an interlocal cooperation agreement pursuant to KRS 65.210 to 65.300 for the purpose of establishing a land bank authority pursuant to KRS 65.350 to 65.375. (2) The authority shall be a public body corporate and politic with the power to sue and be sued, issue deeds in its name, and any other powers necessary and convenient to carry out these powers or that may be granted to the authority by the parties. (3) The authority shall be established to acquire the tax delinquent properties of the parties, properties that have become blighted or deteriorated as defined by KRS 99.705 and properties that have local government liens filed against them, to facilitate the public purpose of returning property that is in a non-revenue generating, non-tax producing status to effective utilization, including but not limited to providing housing, new industry, and jobs for the citizens of the county. The authority shall have the powers provided in KRS 65.370 and 65.375 and in the interlocal cooperation agreement.
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